CEG Challenger Energy Group Plc

 

TIDMBPC 
 
RNS Number : 3830S 
BPC Ltd 
18 May 2009 
 

 
 
 
 
BPC Limited and StatoilHydro 
 to Reopen Bahamian Energy Exploration 
 with 
Offshore Joint Venture 
 
Venture Marks First Major Bahamian Exploration Project in 22 Years 
 
 
PERTH, Australia-- Energy exploration company, BPC Limited (THE COMPANY: (AIM: 
'BPC') today announced a new offshore joint venture with Norway's StatoilHydro 
(OSE: 'STL', NYSE: 'SO') to launch the first major exploration project in 
Bahamian waters since 1986. 
 
 
A competent persons report, published last year, stated that there could be 
multiple 500 MMBOE oil fields in 18 leads recognized in BPC's southern Bahamas 
licenced area (source: Competent Person's Report by Moyes & Co., Inc. contained 
in BPC's AIM admission document, August 2008).   The CPR evaluated BPC's 
licenced area adjacent to and along trend of the 'JV' area. 
 
 
Additionally, a U.S. Geological Survey (2008; Report DDS-69-M) study of the 
offshore northwest Cuba Basin estimates a potential of 7-14 billion barrels 
equivalent (oil and gas) of undiscovered resources. 
 
 
Exploration Vice President Erik Finnstrom, StatoilHydro states "This joint 
venture strengthens StatoilHydro's position in this attractive exploration 
region of the northern Caribbean." 
 
 
Joint Agreement with StatoilHydro 
 
 
The licences included in this joint venture agreement with StatoilHydro ("Joint 
Agreement" or "JV") are new licence areas for BPC in the south west of The 
Bahamas and are still under application pending the approval of the Government 
of the Commonwealth of the Bahamas. The "JV" area is adjacent to four wholly 
owned licenses held by BPC in The Bahamas, as well as near an existing license 
held by StatoilHydro in adjacent Cuban waters. 
 
 
The "JV" Agreement is conditional on the relevant new licences being awarded to 
BPC and assignment with StatoilHydro.  It is hoped the applications will be 
processed before the end of 2009. 
 
 
The last active exploration in the Bahamas was in 1987 by Tenneco, whereas along 
trend in offshore Cuba the same petroleum system is the focus of current 
exploration activity. 
 
 
BPC's Chairman, Alan Burns said: 
 
 
"We are delighted to partner with a respected industry leader like StatoilHydro. 
It is testament to the prospects of the southern Bahamas and to BPC's contacts 
and commitment to the region that a large business such as StatoilHydro sees it 
as an important addition to their exploration portfolio. The terms of this 
agreement will strengthen BPC's capital position and eliminate the need for 
near-term fresh capital funding for the 'JV'. 
 
 
Both companies are committed to preservation of the environment during all 
phases of exploration and development. 
 
 
StatoilHydro is an integrated technology-based, international energy company, 
primarily focused on upstream oil and gas operations. The Norwegian 
headquartered StatoilHydro, is listed on both the New York Stock Exchange and 
Norway's Oslo exchange." 
 
 
 
 
Enquiries: 
 
 
+-------------------------------------------------+-----------------------+ 
| BPC Limited                                     |                       | 
+-------------------------------------------------+-----------------------+ 
| Alan Burns, Chairman and Chief Executive        | Tel: + 61 407 551 001 | 
+-------------------------------------------------+-----------------------+ 
| Dr Paul Crevello, Chief Operating Officer       | Tel: +1 720 771 7583  | 
+-------------------------------------------------+-----------------------+ 
|                                                 |                       | 
+-------------------------------------------------+-----------------------+ 
| Ambrian Partners - Nominated Adviser            | Tel: +44 20 7634 7405 | 
+-------------------------------------------------+-----------------------+ 
| Marc Cramsie / Richard Swindells                |                       | 
+-------------------------------------------------+-----------------------+ 
|                                                 |                       | 
+-------------------------------------------------+-----------------------+ 
| Financial Dynamics - PR, London                 | Tel: +44 20 7831 3113 | 
+-------------------------------------------------+-----------------------+ 
| Billy Clegg/Ed Westropp                         |                       | 
+-------------------------------------------------+-----------------------+ 
|                                                 |                       | 
+-------------------------------------------------+-----------------------+ 
| Fox-Davies Capital - broker                     | Tel: +44 20 7936 5220 | 
+-------------------------------------------------+-----------------------+ 
| Daniel Fox-Davies/Oliver Stansfield             |                       | 
+-------------------------------------------------+-----------------------+ 
|                                                 |                       | 
+-------------------------------------------------+-----------------------+ 
| Belaga/McGrath - PR, USA                        | Tel: +1 713 660 0982  | 
+-------------------------------------------------+-----------------------+ 
| Jim McGrath/Chris Belaga                        |                       | 
+-------------------------------------------------+-----------------------+ 
 
 
 
 
The technical information and opinions contained in this announcement have been 
reviewed by Dr. Paul Crevello (University of Miami and Colorado School of 
Mines), BPC's Chief Operating Officer who has in excess of 30 years of 
experience in the oil exploration industry. He has consented to the inclusion 
herein of such technical information and opinions. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 JVEUBUORKWRVAAR 
 

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